THE huge $650 million Martha Cove development is finally turning the corner, say supporters and backers.
Martha Cove owners corporation manager Chris West said 35 houses were under construction with plans for another 10 in various stages of approval.
“I feel very positive about it. It did have a bit of a hiccup when it went into receivership during the global financial crisis,” Mr West said.“But during the past 12 months things have picked up dramatically.”
Mornington Peninsula Shire mayor Graham Pittock said the project had become a “good story”.
“Land prices are now realistic and house and land packages are selling well at the Hidden Harbour subdivision,” Cr Pittock said.
“The properties have come back to affordable prices, which means we will get development.”
The project was slated to feature 1150 houses, 600 marina berths and commercial, shopping and tourist facilities.
It hit the headlines for all the wrong reasons in August 2009, when the main developer, CP1 Ltd, went into receivership.
Receivers PPB were appointed as administrators of CP1 Ltd. Two other receivers control other parts of the development.
PPB’s Allan Titterton said his firm sold 35 waterfront lots last summer.
Mr Titterton said the revamped sales centre incorporating a cafe had been well received.
Developers had already expressed interest in other waterfront lots due to be released for sale by PPB, Mr Titterton said.
Cr Pittock acknowledged another developer who had gained approval for a retirement village at Martha Cove had “disappeared”.
CP1 Ltd gained approvals for a 150-seat restaurant and a retail centre with 2000sq m of floor space, but neither has been built. Cr Pittock said a consortium was looking into the viability of a retail centre.